Many posters are referencing the $240 million buyout price Amgen paid for Synergen when it acquired the company and the rights to GDNF. But consider the following:
• At the time of the acquisition, Synergen had $125 million in cash, so assuming everything else in the company was irrelevant, the value one could place on GDNF was only $115 million.
• This was the valuation in 1994 dollars. 19 years later, with the drastic increases in health care and drug costs, I believe it's reasonable to assume the valuation would be 2 to 4 times those 1994 dollars.
When compared to the GDNF acquisition and corrected for the Synergen cash position and for 19 years of rising healthcare costs, in today's dollars the value of MANF in an early pre-clinical buyout would be on the order of $230 million to $460 million. This would be equivalent to a price range of approximately $1.00 to $2.00 per share. But given the much greater potential of MANF over GDNF, there's a good chance this range is underestimated.
I believe company management understands the realistic valuation of MANF and any buyout offer will have to be priced accordingly to even be considered..
Just my thoughts. I'm not in the medical field, but it seems reasonable everything costs a lot more than it did 20 years ago, and therefore valuations should be priced accordingly.
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